All Inclusive Coverage

All Inclusive Coverage

Definition

All Inclusive Coverage — one of three approaches used for condominium insurance coverage. Under the "all inclusive" or "all-in" coverage, the condominium association master policy covers all real property in a residential condominium structure, including fixtures in individual units and any structural improvements, betterments, or additions that the individual unit owner has made. It provides coverage to replace a unit to the condition it was in at the time of the loss. With this approach, the unit owner is responsible for covering only his or her personal property under the HO 6 or unit owners form. The other two methods to coordinate this coverage are the "single entity" coverage and the "bare walls" coverage. The condominium association rules and covenants typically specify which approach is required.

Related Terms

One of three approaches used for condominium insurance coverage. Under a "bare walls" approach, the condominium association insures only the bare structure of the individual condominium building; the structure, fixtures, and furnishings of collectively owned areas; and the collectively owned personal property of the association. Under this methodology, individual unit owners are responsible for insuring building property they own and use exclusively, such as sinks, built-in cabinets, appliances, flooring, and wallpaper (along with any improvements and betterments) in their individual units under the homeowners (HO) 6 or unit owners form. The other two methods to coordinate this coverage are the "single entity" coverage and the "all inclusive" coverage. The condominium association rules and covenants typically specify which approach is required.

One of three approaches used for condominium insurance coverage. Under a "single entity" approach, the condominium association master policy covers virtually all real property in a residential condominium structure, including fixtures in individual units. Note that this coverage does not include any structural improvements, betterments, or additions that the individual unit owner has made. With this approach, the unit owner is responsible for covering only his or her personal property (along with any improvements or betterments) under the HO 6 or unit owners form. The other two methods to coordinate this coverage are the "bare walls" coverage and the "all inclusive" coverage. The condominium association rules and covenants typically specify which approach is required.